G20 finance meetings in Bali overshadowed by war in Ukraine

Jul 16, 2022, 4:37 AM | Updated: Jul 18, 2022, 3:28 am

Indonesian Finance Minister Sri Mulyani Indrawati, left, shakes hands with Financial Action Task Fo...

Indonesian Finance Minister Sri Mulyani Indrawati, left, shakes hands with Financial Action Task Force (FATF) President Raja Kumar during their bilateral meeting on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, Saturday, July 16, 2022. (Made Nagi/Pool Photo via AP)

(Made Nagi/Pool Photo via AP)

BANGKOK (AP) — Financial leaders of the Group of 20 richest and biggest economies agreed at meetings on the Indonesian resort island of Bali this week on the need to jointly tackle global ills such as inflation and food crises, but failed to bridge differences over the war in Ukraine.

As G-20 host this year, Indonesia has sought to bridge divisions between G-20 members over Russia’s invasion, but enmity over the conflict was evident even as the finance ministers and central bank chiefs concurred on other global challenges that have been worsened by the war.

All involved agreed the meeting took place “under a very challenging and difficult situation because of the geopolitical tensions,” Indonesian Finance Minister Sri Mulyani Indrawati said Saturday.

She said delegates had “expressed sympathy that Indonesia has to manage this situation.”

Indrawati and Indonesian central bank Gov. Perry Warjiyo said Indonesia would later release a G-20 chair’s statement that would include two paragraphs describing areas where the participants failed to agree.

There were still issues that could not be reconciled, “because they want to express their views related to the war,” Indrawati said. In the statement “related to the war there are still views that are different within the G-20,” she said.

Indrawati outlined a range of areas where the members did agree, including the need to improve food security, to support the creation of a funding mechanism for pandemic preparedness, prevention and responses, on working toward a global tax agreement and on facilitating financing of transitions toward cleaner energy to cope with climate change.

“The progress is more than expected,” Warjiyo said.

With inflation running at four-decade highs — U.S. consumer prices were up 9.1% in June — Warjiyo said participants were “strongly committed to achieving price stability.”

“There is a commitment among the G-20 to well calibrated macro economic policy to address inflation and slowing growth,” he said.

The meetings in Bali follow a gathering of G-20 foreign ministers earlier this month that also failed to find common ground over Russia’s war in Ukraine and its global impacts.

During the talks that began Friday, U.S. Treasury Secretary Janet Yellen condemned Moscow for “innocent lives lost and the ongoing human and economic toll that the war is causing around the world.”

“Russia is solely responsible for negative spillovers to the global economy, particularly higher commodity prices,” she said.

Canadian Finance Minister Chrystia Freeland likened the attendance of Russian officials at the meetings to having “an arsonist joining firefighters.” War is waged by economic technocrats, as well as generals, she said in a post on Twitter.

Russian officials reportedly blamed Western sanctions over the war for worsening inflation and food crises.

Indrawati said the closed-door G-20 talks did not include discussion of proposals for a price cap on Russian oil — one of Yellen’s key objectives as the U.S. and allies seek to curb Moscow’s ability to finance its war.

Such discussions would have occurred on the sidelines of the meeting, she said.

The Bali talks saw more progress than an earlier G-20 finance meeting in Washington in April, when officials from the U.S., Britain, France, Canada and Ukraine walked out to protest the attendance of Russian envoys. That meeting also ended without the release of a joint statement.

Caught in the middle as host, Indonesia has urged officials from all sides to overcome mistrust for the sake of a planet confronting multiple challenges.

“The world needs even more and more collaboration. no matter what country … they cannot solve this problem alone. food security, energy, climate change, pandemic … all are interconnected,” Indrawati said.

“We all agreed we need to continue the spirit of collaboration and multilateralism,” she said.

The meetings also addressed the problem of mounting debts in countries like Zambia, Myanmar and Sri Lanka.

While the G-20 is “not a creditor forum, there is a recognition that there is growing debt,” Indrawati said.

The talks centered on a framework to enable creditor and debtor nations to work out solutions to help countries in need.

“When a country has a debt that is unsustainable they have to communicate with their creditors,” she said. “This mechanism needs to be more predictable. That is what we have been discussing within the G-20.”

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Arizona doctors California abortions...

Associated Press

Arizona doctors can come to California to perform abortions under new law signed by Gov. Newsom

Arizona doctors can temporarily come to California to perform abortions for their patients under a new law signed by Gov. Gavin Newsom.

8 hours ago

Father convicted of first-degree murder in northern Arizona...

Associated Press

Arizona man convicted of first-degree murder in starvation death of 6-year-old son

A northern Arizona father was convicted of first-degree murder Thursday in the 2020 starvation death of his 6-year-old son.

10 hours ago

Former President Donald Trump sits in a courtroom next to his lawyer Todd Blanche before the start ...

Associated Press

Trump hush money trial enters new phase after defense rests without testimony from former president

Donald Trump's hush money trial is now closer to the moment when the jury will begin deciding the former president's fate.

2 days ago

UoA student convicted of first-degree murder after killing professor...

Associated Press

Former Arizona grad student convicted of first-degree murder in 2022 shooting of professor

A former University of Arizona grad student was convicted of first-degree murder after fatally shooting a professor on campus two years ago.

2 days ago

Rudy Giuliani bankruptcy filing defamation lawsuit...

Associated Press

Ex-NYC Mayor Rudy Giuliani, Arizona’s Kelli Ward plead not guilty in fake elector case

Giuliani appeared remotely for the arraignment that was held in a Phoenix courtroom. His trial will take place in October.

3 days ago

President Joe Biden gestures after speaking to graduating students at the Morehouse College commenc...

Associated Press

Biden tells Morehouse graduates that scenes in Gaza from the Israel-Hamas war break his heart, too

Joe Biden on Sunday offered his most direct recognition of U.S. students' anguish over the Israel-Hamas war.

4 days ago

Sponsored Articles


Collins Comfort Masters

Here’s how to be worry-free when your A/C goes out in the middle of summer

PHOENIX -- As Arizona approaches another hot summer, Phoenix residents are likely to spend more time indoors.


Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.



Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

G20 finance meetings in Bali overshadowed by war in Ukraine